Borrowing for a SMSF

[FrankGrimes]

Hi just wondering if anybody has any advice about this?

I have about 100k in super (not much I know seeing im mid 40's) but my mortgage is almost paid off.

Is it wise to borrow say 250k seeing rates are so low to invest in a SMSF, I would invest in stocks life AFIC/ARGO etc and wait and in 25 yrs hopefully have over 1.5 mil in super??

 

[Dugdale2Dwyer]

Might as well buy a printing press and start printing hundred dollar bills.

 

[FrankGrimes]

Might as well buy a printing press and start printing hundred dollar bills.

thanks for your wonderful idea, just asking a question... are you saying investing 350k over 25 yrs wont make that much money???

 

[Dugdale2Dwyer]

just add to your fund organically, house almost paid off not much more you need to do really, don't overcomplicate things.

 

[FrankGrimes]

just add to your fund organically, house almost paid off not much more you need to do really, don't overcomplicate things.

ok thanks for the advice, I was in 2 minds what is best way to achieve a good super balance in retirement.

 

[JoseMourinho]

Salary Sacrifice? Contributing some after-tax funds into superannuation? What is your Superfund? There are a whole load of things to consider before even starting an SMSF or before even borrowing to invest in your SMSF.

Once you put money into Superannuation, you can't access it until you meet a condition of release. So keep it simple, get the mortgage paid off since it is non-tax deductible then review your cashflow.

I think you might be better off to go see a financial adviser. They'll provide a better outlook of your situation and whether or not to start an SMSF.

 

[Astro_]

Any loan used for non-concessional contributions won't be tax deductible. There are better ways to go about it so I suggest you speak to a professional to determine your options.